Hello, wonder if anyone might be able to advise...
I live about 150 miles away from my parents, and I worry about them as they get older. I've thought about buying a two bed house or flat near them so that if they get more vulnerable and their needs increase I could use the place to stay in and work remotely from whilst helping them out / supporting any hospital appointments etc. They are ok now but I think it's likely that in 10-15 years they will benefit from more support - obviously I don't know the exact timeframe though. As DH and I get older and our DC grow up it might also be nice to have a small base in another city.
I already have a family home with DH so this would be a second property in a much cheaper location. I have no desire to make money from it - it would be very much about having a base to support my parents from.
I can't work out though... is this idea sensible? I'd be looking to spend up to about £150k I think. A flat would incur management charges and often ground rent, but would be more secure. A small house wouldn't have these charges but if I was largely leaving it empty until it was needed then I imagine it might not be very secure. I worry about renting out a property to tenants in case it turns into a headache, but as noted I wouldn't be looking to make a profit so wouldn't be averse to paying a decent management charge if that meant most of the stress being taken away.
Any thoughts much appreciated. Would also be really interested in input from anyone who has been in a similar position in respect of wanting a base to support family from. Thanks
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Buying a property near elderly parents - tips?
14 replies
msgloria · 14/09/2020 19:59
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